Hyperliquid DEX trading volumes cut into CEX market share: Data

Hyperliquid DeFi is one of current bull markets most notable success stories. With daily volumes reaching $4 billion, this exchange is now the world’s largest DEX derivatives trading platform. It controls nearly 60% of market.

The daily volume for Hyperliquid is far below Binance Futures $50 billion, but it’s trending upwards.

Why is Hyperliquid on the rise?

Hyperliquid was launched in 2023. After launching the spot market in April of 2024, it gained popularity. The aggressive listing strategy, along with the easy onchain interface and its aggressive list of users, attracted a new wave of users.

Hyperliquid’s trading volume skyrocketed, and it now boasts over 400,000 users, with more than 50 billion trades processed, according to data from the company. Hyperliquid’s trading volume soared, and the platform now has over 400,000 registered users. Data from Dune.

Hyperliquid’s ambitions are now much more than a perpetual futures or spot DEX. The newest addition to the Hyperliquid family is its new DEX. launch of HyperEVM The project is now a multi-purpose, layer-1 network capable of supporting DeFi apps developed by third parties. 

Jeff Yan was one of Hyperliquid’s original founders. put it, 

“Most L1s build infrastructure and hope that others will come build the killer apps. Hyperliquid takes the opposite approach: polish a native application and then grow into general-purpose infrastructure.”

This approach could work, and the liquidity generated by Hyperliquid’s DEX core would naturally flow into the wider ecosystem, creating a “flywheel” effect.

Related: Hyperliquid flips Solana in fees, but is the ‘HYPE’ justified?

Hyperliquid – a CEX Alternative?

As per CoinGeckoHyperliquid is now ranked 14th in the world of derivatives exchanges, based on open interest. Its $3.1 billion stands at #14 out of a total 26. It’s behind Binance with $22 Billion but above older names, like Deribit and derivatives divisions at Crypto.com BitMEX KuCoin. The first DEX to compete so closely against established CEXs.

Hyperliquid continues to erode the market shares of other major exchanges as it focuses more on trading pairs that are specialized. DEX does not accept only arbitrum USDC but native BTC as collateral. The DEX is now one of the only decentralized platforms capable of natively wrapping and unwrapping BTC, allowing users to choose BTC as a trading currency for Web3-wallet based trading.

User Skewga.hl noted Hyperliquid has recently seen its BTC volume share reach a record high. It now accounts for almost half of Bybit and 21 percent of Binance. Skewga.hl wrote,

“No DEX has ever come this close to matching Tier 1 CEX volume.” 

Perpetual swaps are a popular trading instrument since 2024. During the 2021–2022 bull market, daily perps volume averaged around $5 billion. Early 2025 saw this number frequently exceed $15 billion. Hyperliquid accounted for almost two thirds.

DefiLlama: Data and Analysis illustrates the shift: while dYdX (green) dominated in 2023–2024, the landscape diversified significantly in 2024—and by 2025, Hyperliquid (pink) had taken the lead.

The recent spate of terrorism has not stopped the influx of a new JELLY token scandalHyperliquid, which saw the exchange stop trading and remove a token of low market capitalization that had been exploited and abused by a “whale”, remains popular among DeFi traders and DEX traders. The exchange has not yet attracted institutional investors or reached the scale of top CEXs. Hyperliquid may become more than just an elite DEX, however, if developers start to embrace its layer one ecosystem.